THE OPEC FUND IN THE WORLD
EVENTS
OPEC Fund pledges US$1 billion to global water initiative
World Bank Spring Meetings, Washington, DC
President speaks at launch of multilateral Water Forward initiative
A ddressing one of the most pressing global challenges, multilateral development banks, international organizations and partner countries launched the Water Forward initiative during the World Bank Spring Meetings in April in Washington, DC. The OPEC Fund joined the alliance with a US$1 billion pledge. Announcing the contribution President Abdulhamid Alkhalifa said: “We all must step up our efforts now.” Water Forward is a global program aiming to reach 1 billion people by 2030 under the pillars Water for People, Water for Food and Water for the Planet (see p. 35). The goal is to deliver at scale through coordinated action, massive investment, scaled-up innovation and stronger public and private sector participation. The Water Forward initiative aims to enable action and results at a scale no single institution could achieve on its own. The annual funding gap is estimated at US$1 trillion to achieve the Sustainable Development Goals, address climate change and replace aging infrastructure by 2030-2040. Water is also at the forefront of the climate crisis, with increasing incidents of extreme weather events causing
grave damage and the drying up of water resources endangering lives and livelihoods. The OPEC Fund has supported projects in water and sanitation since inception 1976 and expanded its engagement with the adoption of its Climate Action Plan. To date, the institution has committed around US$1.4 billion to water sector projects, supporting access, infrastructure
and climate-resilient systems across partner countries. “We have a strong track record,” the President said. “By 2030, our current portfolio will help deliver water access and water security to 10 million people. To build on this impact, the OPEC Fund will invest US$1 billion by 2030 in water-related projects, reaching an additional 15 million people by project completion.”
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